A Myopic Balance Sheet
A reflection is warranted on whether we are truly willing to reimagine the role of financial statements under IFRS in enabling informed decision-making in the insurance sector. The fundamental purpose of financial reporting is to provide a true and appropriate representation of the economic reality of an insurance company: its financial position, its performance ...
DORA: the new law that could change who pays the bill for digital fraud — banks or customers?
DORA (Digital Operational Resilience Act) is a new EU law that may shift responsibility and costs for digital fraud by imposing stricter security, reporting and liability requirements on banks and financial firms, potentially changing whether banks or customers bear the losses.
Is a solution in sight for Luís Filipe Vieira's property empire?
More than a decade after the collapse, the assets of Luís Filipe Vieira's former property empire remain unresolved. Is the case nearing its end? Listen to the new episode of Economia dia a dia, Expresso's daily podcast, hosted by Juliana Simões.
Appeal court rules Ricardo Salgado must face trial
The Court of Appeal has ruled that former banker Ricardo Salgado must stand trial in the BESA case, rejecting defence requests to suspend or extinguish the proceedings on health grounds. Judges dismissed calls for a new medical examination and ordered the criminal process to continue, marking another defeat for Salgado’s defence team. The decision revives a high‑profile financial trial tied to the collapse of Banco Espírito Santo’s group entities; those tracking Portugal’s banking scandals and investor litigation should note the case will proceed to trial.
Ricardo Salgado is the former chairman and CEO of Banco Espírito Santo (BES), the bank that collapsed in 2014 and triggered one of Portugal’s largest financial scandals. He has faced multiple criminal charges including fraud and money laundering, and recent appeal-court rulings ordering a new trial—despite reports about his Alzheimer’s—are important for anyone following accountability in Portugal’s banking sector.
Revista de imprensa. Novo Banco avança para o Supremo contra Vieira e mensalidades de lares disparam
A press roundup reporting that Novo Banco has escalated legal action to the Supreme Court against Vieira, while monthly fees at residential care homes have risen sharply.
Left Bloc questions Government over support for Savannah
The company expects to begin construction this year. The Left Bloc says it views the Government's support with 'deep concern' and challenges the Executive to produce the contractual documentation.
Azores Parliament approves Constitutional Court review of the mobility allowance
On Tuesday the Azores Parliament approved a draft resolution from Chega requesting that the Constitutional Court carry out an “abstract and successive review of the constitutionality of the provisions” of the ministerial order introducing changes to the Social Mobility Allowance (SSM). The draft resolution, which was presented in the plenary of the Legislative Assembly in Horta, on the island of ...
Operation Marquês: trial resumed — video testimony scheduled from three witnesses who have died since the investigation began
After a 70-day pause, the presentation of evidence resumed on Tuesday morning in the Operation Marquês trial. Former prime minister José Sócrates is the main defendant in a case involving 21 accused and 117 charges of corruption, money laundering and tax fraud. The defendants face economic and financial crimes, notably corruption, money laundering and tax fraud, mainly linked to three dossiers: Grupo Lena, which includes the TGV high-speed rail project; the former telecommunications company Portugal Telecom (PT); and the Vale do Lobo 'resort' in the Algarve, to which Caixa Geral de Depósitos granted a loan now considered ruinous.
The return of traditional securitisation
As of 10 December 2025, significant changes to the legal framework for credit securitisation will enter into force. These changes concern the 'implementation', in Portugal, of Regulation (EU) 2017/2042, which established a specific regime for simple, transparent and standardised securitisation (the so‑called 'STS securitisation'). As of today, the STS Regulation ...
Court backs Banco de Portugal over BES investor claims
A Lisbon Administrative and Tax Court ruled in favour of Banco de Portugal in a test case brought by international funds (including names reported such as BlackRock and PIMCO) challenging the BES resolution, dismissing compensation claims that exceeded €2 billion. The ruling clears the central bank of the claims in this case and reduces a legal overhang for regulators and public finances, though other suits may persist. For expats in finance or holding Portuguese-linked securities, the decision matters for market confidence and signals lower immediate risk of a large central-bank payout related to BES.
Banco de Portugal is Portugal’s central bank, founded in 1846, responsible for banking supervision, financial stability and representing Portugal within the European System of Central Banks. For expats, it matters because it regulates banks and financial resolutions, influences monetary and payment rules, and can be involved in legal disputes with international investors.
The BES resolution was the August 2014 intervention by Banco de Portugal that split Banco Espírito Santo into a ‘good bank’ (transferring viable assets to what became Novo Banco) and a ‘bad bank’ holding toxic assets, with shareholders and many bondholders taking losses. The move aimed to stabilise the financial system but later led to legal claims from international funds and long-running litigation.
EDP case: Public Prosecutor's Office again delays submission of evidence and the instruction phase remains blocked
PRESS REVIEW || The case, under investigation since 2012, involves former EDP executives.
EDP case: Public Prosecutor's Office again fails to hand over evidence for the pre-trial phase
In the EDP case, the Public Prosecutor's Office has again failed to provide the evidence required for the pre-trial/instruction phase, a lapse that could delay proceedings and has drawn criticism from defence lawyers and the court.
Today's news: homes, European funds and the Presidential election
The deed of sale for an urban building should now state whether or not it has planning permission. The Alentejo region has become wealthier and is set to lose around €700 million in European funds. Find out the leading stories in the national press this Thursday. House sales without ...
Companies are increasingly sensitive to competition issues
Companies are increasingly sensitive to competition issues as competition law enters a phase of expectation and apparent transformation, according to Sara M. Rodrigues, senior associate and co-ordinator of Eversheds Sutherland’s Competition, Trade and Foreign Investment Department. Rodrigues warns that investigations have ongoing consequences and that regulators — and firms — must recognise that processes do not end with the initial investigation conclusion, heightening the need for robust compliance, legal preparedness and attention to reform and enforcement trends.
The attack on Venezuela's oil and the mystery of the Oeno
Trump goes after Venezuela's oil and shakes up the global geopolitical landscape. At home, a young homeowner has defaulted on their mortgage payments. And those affected by Oeno are protesting.
Mobility allowance: Government says it will not require any additional document on contributory status
Finance Minister Joaquim Miranda Sarmento said on Wednesday that the Government will not require any additional document on contributory status when applying for the mobility allowance. The clarification comes after the President of the Republic, Marcelo Rebelo de Sousa, promulgated on Monday the law that establishes the new social subsidy scheme ...
Constitutional Court "fed up" with Ricardo Salgado's appeals confirms eight-year prison sentence
Judges criticised the defence of the former banker for using “manifestly anomalous means” to delay the decision from Operation Marquês becoming final and unappealable.
New labour law 'is not a magic wand' for wage increases
Maria de Fátima Carioca argues that Portugal needs a substantial overhaul of its labour legislation, saying flexibilisation of labour relations is unavoidable but must not undermine social protections. She warns the proposed new law is not a magic wand for boosting wages — structural reform is required alongside measures to safeguard workers. Her remarks come as the Government prepares a wide-ranging review of labour rules and the social safety net.
Luís Montenegro says 2026 will be a year of stability and growth
In his New Year message posted on social media, the Portuguese prime minister again made a positive assessment of 2025 and pledged reforms and 'dialogue'.
